VEGOILS-Palm edges down on firmer ringgit, weaker related oils

In this article:

* Palm lower after three straight sessions of gains

* Uncertainties about U.S.-China trade talks weigh - trader

* Palm oil still targets 2,269-2,277 rgt/t range -

Technicals

By Emily Chow

KUALA LUMPUR, Aug 21 (Reuters) - Malaysian palm oil futures

edged lower on Tuesday after three straight sessions of gains,

dragged by a stronger ringgit and weaker related edible oils.

The benchmark palm oil contract for November delivery

on the Bursa Malaysia Derivatives Exchange was down

0.4 percent at 2,247 ringgit ($547.38) a tonne at the midday

break.

Trading volumes stood at 17,284 lots of 25 tonnes each at

noon. (1FCPO-TOT)

"The market is lower tracking weaker soyoil and as the

ringgit is firmer," said a futures trader in Kuala Lumpur.

The ringgit was last up 0.2 percent at 4.0920 per

dollar. Gains in the ringgit, the currency of trade for

palm oil, typically make the vegetable oil more expensive for

foreign buyers, thus limiting demand.

Uncertainties surrounding the trade talks between China and

the United States have contributed to the bearish trading

sentiment in the palm market, said another trader.

In other related oils, the Chicago December soybean oil

contract was down 0.2 percent, while the January soybean

oil contract on China's Dalian Commodity Exchange

declined 0.4 percent.

Meanwhile, the Dalian January palm oil contract

edged down 0.7 percent.

Palm oil prices are impacted by movements of other edible

oils, as they compete for a share in the global vegetable oils

market.

Palm oil still targets a range of 2,269-2,277 ringgit per

tonne as it has cleared a resistance at 2,240 ringgit, said Wang

Tao, a Reuters market analyst for commodities and energy

technicals.

Palm, soy and crude oil prices at 0530 GMT

Contract Month Last Change Low High Volume

MY PALM OIL SEP8 2205 -10.00 2203 2207 139

MY PALM OIL OCT8 2226 -10.00 2222 2230 3532

MY PALM OIL NOV8 2247 -8.00 2242 2251 6503

CHINA PALM JAN9 4916 -30.00 4906 4956 154490

OLEIN

CHINA SOYOIL JAN9 5864 -24.00 5848 5890 218624

CBOT SOY OIL DEC8 28.81 -2.50 28.61 28.86 1972

INDIA PALM OIL AUG8 601.50 -2.50 601.50 602.8 134

INDIA SOYOIL SEP8 740.5 -2.15 740 742.4 1550

NYMEX CRUDE SEP8 66.67 +0.24 66.53 66.76 107

Palm oil prices in Malaysian ringgit per tonne

CBOT soy oil in U.S. cents per pound

Dalian soy oil and RBD palm olein in Chinese yuan per tonne

India soy oil in Indian rupee per 10 kg

Crude in U.S. dollars per barrel

($1 = 4.1050 ringgit)

($1 = 70.0900 Indian rupees)

($1 = 6.8740 Chinese yuan)

(Reporting by Emily Chow; Editing by Subhranshu Sahu)

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